Average price paid for a home drops as 1,152 new transactions are recorded for October

Thu, Nov 8, 2012, 00:00

The Property Price Register marked its first full month in operation last week, and recorded 1,152 new transactions for the month of October.

Interestingly, this represents a 24.6 per cent fall in transactions on the same period last year and a 36.6 per cent fall from October 2010.

The average price paid for a home during October was €181,295 – down from €214,868 a year earlier and €241,035 in the same month of 2010. Dublin recorded the highest average transaction price at €257,776.

The upside for the market is that with 16,803 transactions so far this year, it’s likely the number of sold properties could equal or surpass last year’s total of 18,058 house sales.

During the month, the largest transaction was €1.82m for St John’s, 48 Glasthule Road, Sandycove, Co Dublin.

It was one of six transactions during the period which broke the €1m mark, with the second most expensive being the €1,554,300 paid for a development in Waterford, while close behind was the €1.52m paid for Gurthalougha House in Ballinderry, Nenagh, Co Tipperary – the former home of ill-fated billionaire John Paul Getty III.

The register has certainly brought transparency, but the real value is proving to be in the practical application of the information.

MyHome.iehas launched a new iPhone and iPad app which will allow prospective buyers to browse and search all houses and apartments sold in Ireland from January 2010.

One shortcoming of the Property Price Register is that it doesn’t detail the size and make-up of properties sold, so you’re not always comparing like with like.

However, the portability of this app allows buyers or sellers standing on a street use the interactive map to see for themselves exactly what each property listed looks like.

iPhone and iPad users can download Price Register by MyHome.ieat the iTunes App Store.